Novus Energy Inc NOVUF

RE: Flaxcombe Well License

[Bytes]

Gaswell, you wrote:  "I noticed that Novus has obtained a well license for the Flaxcombe area.  It would appear as though they are getting ready to drill in the Viking."

Six wells were already drilled in December (in the Viking) and we are waiting on a production NR.  They now have 115 wells in the Viking, per their Feb. 3 announcement.  (129 total - see new Corp Presentation, but some of those are Bakken & Cardium.)  Quotes from Feb. 3 NR to support this:

1)  Viking Wells owned:
"This acquisition would increase Novus’ horizontal Viking drilling inventory by over 25%, resulting in the Company having 115 net horizontal Viking oil drilling locations at 4 wells per section based on internal estimates."

* This could become 230 wells if they can get 8 instead of 4 wells out of each section, which is possible.  ;-)  They are being conservative, which is good.

2)  December drilled 6 Viking Wells:
"In the fourth quarter of 2009, Novus and its industry partner shot 9 square miles of 3D seismic on their joint lands, and drilled and successfully completed, 6 horizontal Viking oil wells. All 6 wells were successfully drilled and completed, and are in the process of cleaning up and recovering their load fluid.  Novus is pleased with the performance of the wells to date."

"Novus anticipates being able to report more on results within the next 30 days as more load fluid is recovered, and more meaningful data is obtained."

- Bytes